How Did the Stock Market Do Today?

Dow Jones:16,330.47; -179.72;-1.09%

S&P 500: 1,942.74; -24.23;-1.23%

Nasdaq:4,756.72; -72.23;-1.50%

The Dow Jones Industrial Average today (Tuesday) fell 179 points thanks to a sell-off in commodities and energy stocks over concerns about global economic growth. The markets largely reacted to new worries about the Chinese economy after the Asian Development Bank slashed its forecast for China's annual economic growth to 6.8%, down from its previous expectations of 7.2%. Falling expectations are weighing on markets around the globe and could have steep consequences for Japan and Australia.

The S&P 500 Volatility Index (VIX), the market's fear gauge, jumped more than 13% on the day.

Top Stock Market News Today

Stock Market News: All 10 S&P 500 sectors fell on the day as concerns over growth in the global economy continued to weigh on investor sentiment. All but two sectors – telecommunications and utilities – fell more than 1.2% on the day. The Basic Materials sector was today's worst performer, cratering 2.9% on the day, while tech stocks slumped more than 2%. Falling commodity prices rattled investors, with fertilizer giant Mosaic Co. (NYSE: MOS) falling 7% after it slashed its full-year outlook. Meanwhile, Dow Chemical Co. (NYSE: DOW) fell 1% on very high volumes.

Oil Prices Slip: WTI oil prices cratered again on Tuesday despite expectations that energy production in the United States and non-OPEC member states is expected to decline. WTI crude oil prices fell 1.8% to hit $45.83, while Brent oil prices slightly gained 0.3% to hit $49.08. The overall decline in commodity prices is having far-reaching consequences. The Canadian economy is locked in a recession and its currency remains in a freefall against a strengthening dollar. Meanwhile, falling oil prices are hammering the Brazilian real, which fell to an all-time low against the dollar on Tuesday morning.

Biotech Blues: Biotech stocks continued to slide today after Democratic presidential candidate Hillary Clinton said she would implement a $250-per-month cap on prescriptions in order to address "price gouging" for specialty drugs. The iShares Nasdaq Biotechnology ETF (Nasdaq: IBB) fell another 1.5% today, the second consecutive decline above this level. Shares of AstraZeneca Plc. (NYSE ADR: AZN) slipped nearly 4%, while shares of Amgen Inc. (Nasdaq: AMGN) and Celgene Corp. (Nasdaq: CELG) both slipped more than 1.6% in early hours.

On Tap Wednesday: Tomorrow, oil prices will be in focus as the U.S. Energy Information Administration (EIA) announces weekly inventory levels for domestic crude stocks. Research firm Estimize anticipates a weekly decline of roughly 600,000 barrels, as U.S. shale producers continue to cut rigs and energy production in the wake of falling prices. Meanwhile, investors will continue to address concerns about global growth after China announces the Flash manufacturing index for the month of August. Companies reporting earnings on Wednesday include Pier 1 Imports Inc. (NYSE: PIR), Worthington Industries Inc. (NYSE: WOR), and Steelcase Inc. (NYSE: SCS).

Stocks to Watch: VLKAY, BWA, HON, DLPH, GS, AAPL, WFT, DRI

Stocks to Watch 1, VLKAY: Shares of Volkswagen AG (OTCMKTS ADR: VLKAY) slid another 15.5% this afternoon on news of the company's scheme to cheat emissions standards in the United States. But the problem has now spread to its suppliers. Shares of BorgWarner Inc. (NYSE: BWA), Honeywell International Inc. (NYSE: HON), and Delphi Automotive Plc. (NYSE: DLPH) all saw shares fall between 1.8% and 8.5% on the day.

Stocks to Watch No. 2, GS: Shares of Goldman Sachs Group Inc. (NYSE: GS) slipped nearly 2% today on news the investment firm's CEO Lloyd Blankfein announced he has a "highly curable" form of lymphoma. Blankfein said in a memo to employees today he will be undergoing treatment in Manhattan over the next several months.

Stocks to Watch No. 3, AAPL: Shares of Apple Inc. (Nasdaq: AAPL) slipped 1.6% today and was the largest drag on both the Nasdaq and the S&P 500. The decline came from a broader sell-off in tech stocks over global growth concerns. The downturn was somewhat surprising given the optimism over the latest announcement about the company's future product line. This morning, The Wall Street Journal announced that Apple plans to unveil its electric car in 2019.

Stocks to Watch No. 4, WFT: Shares of oil-services company Weatherford International Plc. (NYSE: WFT) surged more than 11% today after the company canceled a planned stock and debt offering.

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